Sellbyville, DE -- (SBWire) -- 01/29/2019 --Heavy-Duty Trucks Market will surpass 2 million units with USD 160 billion by 2024. Natural gas will generate demand at over 160 thousand units in the heavy duty trucks market by 2024. Improved fuel efficiency and growing preference toward low emissions will support the industry expansion. Rising number of natural gas filling stations coupled with superior mileage offered by the product will propel the industry demand.
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Heavy duty trucks market has been witnessing an inflection point, since for a while now. High Fuel consumption, rapid uptake of advanced technologies, environmental indexes, and fast market turnovers are some of the few rationalities that underline the commercialization matrix of heavy duty truck industry. The commercialization potential of the overall market can be justified from the estimates that claim heavy duty truck industry to have garnered over USD 110 billion in 2016. On that note it would be prudent to mention that road and rail freight transport that procures a lion's share of the overall freight activity has played a pivotal role in enhancing the industry share. Statistics depict, heavy duty trucks almost account for almost 65% of the road freight activities, which is a clear indication of the escalating product demand in this domain.
Tesla's latest Class 8 marvel is indeed a classic phenomenon that has posed several challenges for heavy-duty trucks market players. The automotive giant has unveiled the 'Tesla Semi' – its all-electric semi-truck that boasts of superior charging capacity and has been designed to travel from 0 to 60 mph in merely a 5-second span. In fact, towing a load of close to 80,000 lbs alongside, this truck can travel from 0 to 60 mph in just 20 seconds, setting quite a remarkable precedence for companies partaking in heavy-duty trucks industry share. What's precisely noteworthy though, is not the Semi's speed range or its aesthetic appearance, but the fact that it offers a transmission which requires no gear shifting with regenerative braking – essentially, a provision that delivers infinitesimal brake life for the vehicle. Endowed with such an amazing intrinsic design such as this, the Tesla Semi is certain to cause a stir in heavy-duty trucks market, the revenue of which stood at USD 110.5 billion in 2016.
Logistics segment is anticipated to witness a substantial growth rate with a rate of 4.9% up to 2024. Increasing orders for new lorries due to enhanced recovery of equipment manufacturers from tumbling freight market will support product penetration. Bulking up of new orders and specialized balance in inventory levels will positively impact the heavy duty trucks market size.
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While exploiting ample opportunities from road freight transport sector, heavy duty trucks industry players are equally focused toward environmental impacts caused by the use of these vehicles. As per a recent report put forth by IEA (International Energy Agency) - oil demand for road freight vehicles will rise by 5 million barrels/day by 2050. What makes it more alarming for the heavy duty truck market players is the parallel impact of oil consumption on carbon dioxide emission from vehicles, which would reach almost 900 million tonnes by 2050, claims IEA. It has been further mentioned in the report, that APAC belt, especially China and India would account for 90% of the total increase in road freight oil demand by 2050. Improving the energy efficiency of road freight transport has thus become crucially important to maintain the ecological balance with regards to oil demand, CO2 emission, and air pollution, the fundamental aspect that has triggered a paradigm shift in heavy duty trucks market trends.
Mitsubishi FUSO, the Daimler owned Japan based company that constitutes the competitive landscape of heavy duty trucks market has recently unveiled an absolutely state-of-the-art electric heavy-duty truck concept at the Tokyo Motor Show. As per the prototype that was being revealed by the automaker at the Motor Show, the Class 8 concept truck, weighing almost 51,150 pounds would be able to drive 220 miles on a single time charge. Experts have been already raving about the concept, so dubbed as E-FUSO Vision One, claiming it to be disruptive for the entire heavy duty trucks industry trends. As per analysts' opinions, the onboard of this product would position Daimler in direct power battle with Tesla, as the latter is planning to launch its flagship electric semitrailer on November 16, this year.
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Daimler, Tata Motors, General Motors, FAW Group, Volvo, Toyota, Freightliner, Ford, Volkswagen, ISUZU Motors, Peterbilt, PACCAR, Kenworth, Navistar, FCA, MAN, Scania and Ashok Leyland are key heavy duty trucks market players.
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